CI Financial has agreed to buy a controlling stake in Toronto-based Marret Asset Management to add corporate bond funds to its portfolios.
CI Financial will be acquiring 65% of Marret, along with an option to acquire the remainder after three years. The price wasn’t disclosed.
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Marret is led by Barry Allan, who has over 30 years of investment experience and has managed portfolios across the income spectrum.
Stephen MacPhail, CI president and CEO, said: "This transaction is part of our strategy to continue to build that expertise by retaining the best available talent for our existing teams and by partnering with superior managers such as Marret."
Marret focuses on investing in investment-grade and high-yield corporate debt, and alternative strategies on behalf of institutional, high net worth and retail clients.
CI Financial has approximately $108.8 billion in assets as of 31 August 2013.
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